LONDON--(BUSINESS WIRE)--Technavio research analysts are forecasting positive growth for many segments of the global product lifecycle management (PLM) market over the next four years as several markets including simulation and analysis software, CFD in industrial machinery, and PLM in automotive industry, will witness an increase in revenues.
Based on the research study carried out by Technavio analysts, the global simulation and analysis software market is predicted to exhibit a tremendous growth during the period 2016-2020, posting a CAGR of about 12%. The rising need for products with enhanced quality and innovation is a major driver for this market. The adoption of simulation and analysis software has increased across industries as they compete to achieve "first mover advantage" and strive to become the "prime innovator" in their field. “Simulation and analysis software have the ability to improve the time-to-market by reducing the product development cycle and the testing time, which will result in its high adoption in the coming years,” says Amit Sharma, a lead analyst at Technavio for research on ICT.
The global simulation and analysis software market is segmented into three categories based on product, which include CFD, FEA, and Emag. The FEA software segment currently dominates this market, accounting for almost half of the overall market share.
Apart from the simulation and analysis software market, the global computational fluid dynamics (CFD) market in the industrial machinery sector is also considered a fast-growing segment in the global PLM market. The need to reduce product design time and cost drives the global CFD in the industrial machinery market, leading to a high growth rate of about 11% during the period 2015-2019. The market is witnessing a surge in the demand for CFD and CAD-embedded software as it reduces the product development cycle time and simultaneously increases its efficiency. It also enable engineers to work on a single geometry, whereby changes made in one application directly get updated in others.
Geographically, the major part of the revenue in the global CFD market in the industrial machinery sector was generated from the EMEA region. This contribution mainly emerged from countries such as the UK, Germany, and France.
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Increasing product recalls in the automotive industry has augmented the growth of the PLM market in the automotive industry. Product recall is the process of calling back a product, which is not in conformity with the standards that are mostly related to safety. Technavio’s market research analyst predicts that the global market for PLM in the automotive industry will grow steadily at a CAGR of approximately 9% from 2016-2020. The market is segmented into three key regions, including the Americas, APAC, and EMEA. The APAC region is expected to exhibit the highest market growth rate during the forecast period. This region currently accounts for a mere 24% of the market but is predicted to experience rapid growth during the forecast period.
Some of the key vendors for PLM technology include Ansys, CD-adapco, and Dassault Systèmes for simulation and analysis software, Autodesk, Siemens PLM Software, and PTC for PLM automotive industry, and Mentor Graphics and Exa for CFD in industrial machinery.
Browse related reports:
- Global PLM Market in the Aerospace and Defense Sector 2016-2020
- Global PLM Market in the Electrical and Electronics Industry 2016-2020
- Global FEA Market in the Industrial Machinery Industry 2015-2019
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